Barry Callebaut issues EUR165M 91/4% Senior Subordinated Notes

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Zurich/Switzerland, March 18, 2003 – Barry Callebaut Services
N.V., a wholly-owned finance subsidiary of Barry Callebaut AG,
priced a EUR165m senior subordinated notes issue on Friday, March
7, 2003. The issue priced on a book building basis at a 9.25%
coupon. The notes were structured with the guarantees of certain
material subsidiaries of Barry Callebaut. The notes, which will
mature in 2010, are rated BB- / B1.

The offering created overwhelming demand and priced 87.5 basis
points lower than any senior subordinated notes issue over the past
six months.

Proceeds of the issue are used to refinance existing short and
long term indebtedness.

The payment date was on March 13, 2003. Application has been
made to list the notes on the Luxembourg Stock Exchange.

This announcement is not an offer for sale of securities in the
United States. The notes referred to herein may not be sold in the
United States absent registration or an exemption from registration
under the U.S. Securities Act of 1933, as amended. The issuer has
not and does not intend to register any portion of the offering of
the notes in the United States or to conduct a public offering of
the notes in the United States. Any offer of the notes to be made
in the United States will be made only pursuant to an exemption
from registration under the U.S. Securities Act of 1933, as amended
by means of an offering memorandum, which will contain detailed
information about the issuer and Barry Callebaut and its management
and financial statements.

With annual sales of CHF 2.6 billion for fiscal year 2001/02,
Barry Callebaut is the world’s leading manufacturer of
high-quality cocoa and chocolate products. Barry Callebaut operates
some 30 production facilities in 16 countries and employs
approximately 7,000 people. The company is organized into four
strategic business units: Cocoa, Sourcing & Risk Management,
Food Manufacturers, Gourmet & Specialties and Consumer
Products.

The company’s customers range from industrial processors,
such as the world famous branded consumer goods manufacturers who
produce chocolate, confectionery, biscuits, dairy products, ice
cream and breakfast cereals incorporating Barry Callebaut’s
products, to artisanal users, including hotels, gastronomy,
chocolate makers, pastry chefs and bakers, to partners in the food
retailing industry for whom the Barry Callebaut Group produces
branded, customer label and other consumer products. Barry
Callebaut also provides a comprehensive range of services in the
fields of product development, processing, training and
marketing.

The holding company, Barry Callebaut AG, has been listed on
the SWX Swiss Exchange since June 1998 (ticker symbol BARN). The
fully paid-up share capital amounts to CHF 517 million, divided
into registered shares with a nominal value of CHF 100
each.